DDC Enterprise, a Hong Kong-based company that operates a food platform alongside a digital asset treasury, has announced a public offering of its DDC SAVOR 13.5% Perpetual Preferred Series A Shares. The shares are priced at $20 each and are expected to raise at least $24 million in gross proceeds.
According to the company, the proceeds are slated to fund dividend reserves, repay convertible notes, and finance additional Bitcoin purchases.
Terms of the Offering
The offering was announced on November 4, 2026. Each share carries a stated value of $25 but is being sold for $20.
Dividends accrue at 13.5% per year on the $25 stated value, equating to $3.375 per share annually. The dividends accrue daily and are payable in cash. They are also cumulative, meaning any skipped payment remains an obligation owed to preferred holders rather than being eliminated.
The shares include bonus cash payments triggered when Bitcoin reaches certain price thresholds for 10 consecutive trading days. Those bonuses could total up to $4 per share.
Deal Structure and Use of Proceeds
The expected minimum of $24 million comes from a concurrent registered direct offering aimed at institutional and accredited investors, alongside an underwritten tranche. Maxim serves as sole book-running manager. Closing conditions are tied to both the direct and underwritten portions, and the underwriters hold a 45-day option to purchase up to an additional 15% of shares.
DDC has applied to list the shares on NYSE American under the ticker SVOR, subject to approval.
The company has outlined several allocations for the proceeds:
- A segregated Dividend Reserve Account sized to cover at least 12 months of dividends
- Continued Bitcoin acquisitions
- Potential mergers and acquisitions
- Up to 20% of proceeds for repaying convertible notes
Background and Investor Considerations
DDC has been building its corporate Bitcoin treasury since 2025, framing Bitcoin as a long-term reserve asset alongside its traditional food operations. The company's common stock has been trading at low levels, and issuing preferred shares allows it to raise capital without relying entirely on a depressed common share price.
The perpetual preferred shares have no maturity date, so there is no point at which the company must return principal. Holders are betting on DDC's ability to keep paying dividends for as long as they own the shares. The Bitcoin bonus payments add cash only when the specified thresholds are met, and a company spending raised capital on Bitcoin becomes more exposed to the asset's price swings, which could affect its capacity to fund dividends after the reserve runs down.
Key items to watch include whether the offering closes at or above the expected $24 million, whether the underwriters exercise their 15% option, and whether NYSE American approves the SVOR listing.
